The Indian Biopharmaceutical Company BIOCON LTD is trying to get $ 523 million ( £4,500 crore) by selling 11.6% of the share by issuing a qualified institutional location (QIP) showed a term sheet.
The company has set a floor price £340.20 per stock share and indicative floor price £323.20 for the stock share, according to the deadline reviewed by Mint.
Funds will be used to purchase outstanding optional convertible bonds issued by a subsidiary of Biocon Biologics by Goldman Sachs AIF and to repay the company’s debts.
BioCon has a net debt of approximately $ 1.2 billion, except for structured tools.
BOFA Securities India Ltd, Kotak Mahindra Capital and Goldman Sachs (India) Securities Private LTD act as head managers to advise Biocon about Fundraise.
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The company launched QIP on Monday after market hours. Biocon’s shares were closed to £356.95 on NSE on Monday, by 0.44%. The company’s market ceiling is on £428.13 billion.
Biocon did not respond immediately to the query by e -mail Mint.
On April 23, the Board of Directors of the Company approved an increase in £4,500 Crore by issuing securities via QIPS, problem with rights or other permissible routes in one or more transes.
The Company was looking for the approval of shareholders for Fundraise voting of 2 May 2025. It previously stated that it was planning to complete the first trance of the stock by mid -June 2025.
“These funds will be used to fulfill financial obligations related to Biocon and its subsidiaries,” said Siddharth Mittal, CEO and CEO of Siddharth Mittal.
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The Biocon Council has a committee for evaluating the possibilities of strategic restructuring, including the merger of its Biosimilars Arm Biocon Biologics LTD with Biocon Ltd. The company has previously expressed plans for the list of subsidiaries on the stock exchanges.
“… Given the volatility of the market we see on the IPO queue, the Board of Directors has become the opinion that we should look at other strategic possibilities, which also include rating of merger,” said Kiran Mazumdar-Shaw, chairman of the Biocon Group, investors in profession after earnings.
Consolidated income of the company for FY25 was £16,470 crore, 5% compared to the previous year while it reported EBITDA £4 374 crore and net profit £1 013 crore.
And read Serum arm on a double investment in the BIOCON unit
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